ISSN: 2641-9130
Authors: Sinha JK
The purpose of this study is to scrutinize the economic challenges encountered by the Indian economy over the preceding 13 years and the implemented strategies to surmount them, particularly in the context of the prevailing crisis and recession. A qualitative research design was employed, integrating secondary data sources, including government reports, academic journals, and expert interviews. This facilitates a comprehensive understanding of the Indian economy’s trajectory during the specified period. Utilizing statistical indicators such as the Consumer Price Index, GDP, Gross Savings and Investment Rates, Trade Ratio of GDP, Share of Manufacturing and Industry in GDP, and Bank NPA, the study aimed to elucidate the causes of the economic deceleration. Findings indicate that the Indian economy has grappled with formidable challenges in recent years, notably exacerbated by the COVID-19 pandemic, resulting in a downturn in economic growth, consumer spending, investment, and exports. Nonetheless, the study unearthed resilience within the Indian economy, evidenced by a resurgence in 2022 attributable to governmental and monetary policy interventions. Limitations of the study encompass reliance on secondary data sources and a paucity of comprehensive data concerning the pandemic’s impact on the Indian economy. Further research is imperative to garner a more nuanced understanding of the economic challenges confronted by the Indian economy and the efficacy of the implemented management strategies. The practical implications of the study underscore its relevance for policymakers and business leaders, accentuating the imperative of effective management strategies to navigate the challenges confronting the Indian economy. These challenges bear significant social ramifications, impinging on the livelihoods of millions and precipitating ripple effects across the broader economy. Consequently, the study’s findings offer critical insights into the social repercussions of the recent crisis and recession on the Indian economy. This study furnishes distinctive insights into the economic challenges encountered by the Indian economy over the years and the strategies employed to surmount them, thereby enriching the existing corpus of knowledge with a comprehensive analysis of the recent crisis and recession’s impact on the Indian economy.
Keywords: Economy; GDP Growth; Investment; Slowdown; Consumer; Unemployment; JEL Codes: E32, E62, O23, O24
